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BankWest launches ATM fee-free bank accounts

BankWest launches ATM fee-free bank accounts

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Date Published : Monday, April 28, 2008

One of the largest financial institutions in Australia has launched a new bank account which offers customers no transaction fees and no ATM fees.

BankWest's new Zero Transaction Account has been added to the company's list of bank accounts after research by the company found that many Australian's did not like having to pay to use another bank's cash machines.

As a result, the bank - which is based in Perth but with branches nationwide - has launched the account, which will not charge customers for using any ATM within Australian states and territories.

Debit cards will be offered by the bank for the account, as long as a minimum monthly deposit of $2,000 is put into the bank account.

BankWest's chief executive of retail Ian Corfield said: "ATM fees are something that no customer really wants to pay and we decided to do something about that by offering this account.

"The BankWest Zero Transaction Account is a simple account and is fantastic for customers who use ATMs regularly and hate getting charged a fee for it."

Meanwhile, it has been reported by Scotland's Sunday Herald that BankWest's owner - HBOS - could sell off its Australian interests as a result of losses incurred from the global credit crunch.

The newspaper states that the Western Australia bank could fetch as much as £2.5 billion ($5.3 billion) for the company, which has more than 400 branches across Australia.

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